What is Exit Planning?

If you’re a business owner, you are all too familiar with the chaos of everyday operations.?We all get caught up in the hustle and bustle of the daily hills and valleys and often forget to look towards the future. Do you plan on working forever or do you want to sell your business someday or pass it on to the next generation? What are your plans to make that happen? What is your business worth? Is it growing? When will you be ready?

There are so many questions to answer when it comes to business succession, anyone would be overwhelmed.?I found so many of my clients in this position and I didn’t feel like I was doing enough for them to be ready, so I decided to take my certification to another level with the Exit Planning Institute. I am now fully certified and better equipped to help all my clients prepare for the future. Some might want to prepare their business for sale, others for the next generation, but whichever path you want to take, I can help you get there.

The first thing to understand about exit planning is that it is much more than a plan.?It is a strategy with clear action steps to increase the value of your business, expanding your options for the day you are ready to transition.?It’s more than a business plan too.?Exit planning integrates your personal, financial, and business goals to ensure you have multiple options when the time is right.

Another question I’m often asked is, “When should I start exit planning?”?That answer is simple – NOW.?Planning for the future starts today.?Each step of exit planning is to grow the value of your business and increase income.?Isn’t that something we would all like to do today too??Aligning your future goals with your plans today is crucial no matter what your future plan is.?Your plans can change and your strategy will remain the same. What if your son decides he isn’t interested in the family HVAC business and wants to study law??No problem, you’ve built the value of your business so that you can sell.?

Exit planning is about having options in the future.?If we have learned anything over the last year, it is that nothing is certain.?Change is constant and no one can see what the future holds, so why not plan for several options??It just makes sense.?

If you would like to learn more about exit planning, I would love to chat with you so please give me a call anytime at (513) 543-7271. I'm Todd Eppert and I'm here to help in any way I can.